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Original poster

To ask how much you have in savings...

224 replies

MakeAHouseAHome · 09/10/2018 20:25

We have just transferred virtually ALL our money over to our solicitor for our first house. I have gone from having nearly £60k to much much less than that.

I know everyone does it haha, but just feeling un-nerved at losing that nice safety blanket and I will be immediately starting to build it back up again.

Just interested in how much people have in their savings accounts?

OP posts:
LaurieMarlow · 10/10/2018 15:24

Can I ask how you save and end up with £50k or £100k, has that been saved, earned, gifted?

Earned. We can live off my salary. DH contracts and just had a very lucrative gig which enabled us to build up a lot of savings very quickly.

cleanupinaisle7 · 10/10/2018 15:33

£450k - all but £5k of that was from losing the two people I loved the most. I'd rather be back with the £5k to be honest.

MissConductUS · 10/10/2018 15:41

When our kids were little I stayed home with them and then worked part time when they started school, so we weren't paying for childcare. We of course lost my earnings (mat leave is really short in the US) so we didn't save much during that period. They're teenagers now, with one just started university this fall, so that's a whole new set of outgoings.

What has really helped us in the long run was buying a smaller, less expensive house than we could have afforded so that's saved on mortgage, property taxes, heating and electric, etc. We also drive decent but not flash cars (Subarus) and keep them until the wheels fall off. All of our holidays have been in the US, within driving distance, but we're in the north east, so there's plenty of great beaches and things to do in our part of the country.

It's very hard when you're paying for childcare. Keep your head above water until that's behind you and then focus on saving investing.

CherryPavlova · 10/10/2018 18:21

Ours is earned and saved. We’ve never had a penny of financial help from anyone.

Openup41 · 10/10/2018 18:24

This reply has been deleted

Withdrawn at poster's request.

Satsumaeater · 10/10/2018 18:26

Mortgage free house and lots of savings.

However, we've earned quite well and have always lived below our means. Both of us have been made redundant in our careers so we have always been very careful not get to get into unnecessary debt. We live in a smaller house than we could have potentially afforded and drive quite old cars. As long as they are reliable I don't care about a status symbol.

My father died in 2016 and I inherited a small flat from him which enabled us to pay off the mortgage (we could have afforded to do it anyway but it would have left us completely savings-less other than pension funds) and leave a decent amount put by for ds going to uni etc.

BoomTish · 10/10/2018 18:28

Can I ask how you save and end up with £50k or £100k, has that been saved, earned, gifted?

Savings from earning. Very fortunate to not have inherited (likely will on both sides at some stage in future but hopefully a looooong way off).

Benjaminbuttonschild · 10/10/2018 18:33

I have just realised that if I were to lose my job tomorrow, I have approx. 6.5 months worth of backup. It's only just occurred to me that if I lost my job, I would no longer have to use after school club, nursery or child minders. I would obviously stop overpaying my mortgage straight away. Therefore I would have 6.5 months of living expenses.

Woohoo! Smile I never bothered to work it out before now.

AnnabelleLecter · 10/10/2018 18:40

Can I ask how you save and end up with £50k or £100k, has that been saved, earned, gifted?
Regular savings from both incomes over many years (main one) mostly in premium bonds and we reinvest the small prizes whilst waiting for a big win Wink
Using our bonuses for holidays and big purchases
Gifts from well off relatives
Inheritance from GPS has been used to invest in a holiday cottage

RoryGillmoresEvilTwin · 10/10/2018 19:28

Nothing.
Lone parent, private renting. Bloody depressing.

00100001 · 10/10/2018 20:22

6 months mortgage payments

Whisky2014 · 10/10/2018 20:23

7k. First time buyer 2 years ago so dont think im doing too bad

Whisky2014 · 10/10/2018 20:23

Argh forgot shares and stuff. 27k

mloo · 10/10/2018 20:24

"Can I ask how you save and end up with £50k or £100k, has that been saved, earned, gifted?"

50% earnt:50% inherited, I suppose. My mother died before retirement so inherited her pension fund & used that to buy house so then go to pay off mortgage early. And we live cheap.

Mammylamb · 11/10/2018 17:15

I love these as I’m really nosey!! We had a lot of savings but had a maternity leave, needed a new car and moved house in the space of a year. Now down to £4K in savings, but a lot of equity in the house.

Building the savings back up again at the moment.
I think people who have a lot of money sometime like to put it down to them being hard working and savvy. For some people, that is the case. But more often it’s luck; getting gifted money, having parents being able to fund uni, inheritance etc

TchoupiEtDoudou · 12/10/2018 07:59

Our savings are earned. Neither of us have inherited anything and are highly unlikely to.

I earn a decent amount. DH earns 4 times that. Our childcare costs have always been less than half my salary.

We are also very cautious with money (both having grown up with little money) and apart from our flat, don't splash out on expensive items/weekends away etc. Even for our flat, we didn't get the maximum mortgage available

champagneplanet · 14/10/2018 20:43

Can I ask how you save and end up with £50k or £100k, has that been saved, earned, gifted?

Saved when I worked FT (went PT after DD2 mat leave ended). Also DH took redundancy, it was too big a sum to turn away and he hated his job. Allowed him to change his career path and give us some financial security.

Cottonia · 14/10/2018 21:06

£150,000, but 2/3 of that was the result of trust funds my parents/grandparents kept for me until I turned 18.

Cottonia · 14/10/2018 21:07

I work in the public sector so will never earn anywhere near enough to provide my own children with an equivalent trust fund.

carly2803 · 14/10/2018 21:08

5k....homeowner and single parent to be!

so that 5k is probs gone pretty quick!!

i have about 35k equity in my house though...luckily

Severide08 · 15/10/2018 14:06

Between myself and DH £52k part of that was inherited. Our very small interest only mortgage will finish in 12mts time so it is kept safe to pay that so we will be mortgage free and leave us with about 40k equity ,i feel very lucky we brought young years ago when house prices where much more affordable and leave us with around 19k spare .It has been a struggle over the years so it will then be put safe for our 3 DC's.

Babyroobs · 15/10/2018 14:15

I have none , my dh has a lot ( six figures), it was all inherited from losing both his parents in quick succession a few years ago.

WhatsGoingOnEh · 15/10/2018 14:41

£34. 😆

But homeowner with over £150k equity, overpay the mortgage every month, DH has a good pension.

But we also have about £15k of debt. Our finances are a mess and I don't know how to sort them out.

FrenchJunebug · 15/10/2018 14:51

£10k but I do not own a property.

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